Sylvester Stallone is officially moving on from his iconic character, Rocky Balboa. The actor, who has touched millions with his portrayal of the Philadelphia boxer, announced that he’s decided to step away from the character for good following the success of Creed II.

According to a November 28 report by the Today Show, Sylvester Stallone took to his Instagram account on Wednesday to make the official announcement. The actor shared a video of himself on the final day of filming Creed II, and gave a heartfelt speech about leaving the franchise, and Rocky Balboa, behind.

Stallone called Creed II his “last rodeo” as Balboa, and sweetly passed the torch on to Michael B. Jordan, who plays Adonis Creed in the new franchise.

“I thought Rocky was over in 2006, and I was very happy with that. All of the sudden this young man presented himself, and the whole story changed. It went on to a new generation — new problems, new adventures,” Sly stated, gesturing towards Michael.

Stallone also revealed that he’s so happy to have told Rocky’s story, and now the character of Adonis Creed can continue to triumph with brand new stories.

“I couldn’t be happier, because, as I step back, as my story has been told, there’s a whole new world that’s going to be opening up for the audience, for this generation,” Sylvester Stallone told the cast and crew in the video.

“Now you have to carry the mantle,” Stallone tells Jordan as they embrace — and raise their fists up together.

In the caption for the Instagram post, the actor says it “breaks” his heart to officially quit playing Rocky Balboa, but that “all things must pass.” He then thanked the fans, and revealed that Rocky will “never die” because he “lives on” in the amazing fans who love him and the films.

Sylvester’s words seem to hint that Michael B. Jordan will continue to play Adonis Creed in more films, and that there could be a Creed III in the near future. However, the character of Rocky will seemingly be absent from Adonis’ life.

Perhaps Rocky will pass away, or maybe he’ll just move out of Philadelphia to be closer to his son, Robert (Milo Ventimiglia), whom he finally reconciled with at the end of Creed II.